Totally true! Nothing is more important in life.

Well said... to LKY :哦彌陀佛！

Tan Sri is sleeping well, eating well, enjoying his "little" villa beside the golf club ... . Why does he need to sleepless as he committed nothing illegal, no harm done on investor and no people is un feed because his action.

all his investor has gain the promised interest and now he just perform a 'technicality' stunt

I think malaysia government should have come up with a more rounded protocol to prevent this from happening (very soon I can see few coming up) and make sure the director do their time behind bar if found guilty.

Country Heights Grower Scheme, hmm, I remember their advt on the Radio last year featuring an 'Indian sounding old man' telling investors about the Guaranteed 8% returns, where to find, etc and increasing to 12%.

Its safe to say that LKY is a good businessman but he has little understanding on how financial instruments like Bonds and Trust Schemes work. If you Google you can find that many years ago, Country Heights was burnt badly by such financial instruments.

The current problem is that LKY wants to wind up the Scheme without paying the final dividend and says he needs up to 2-years to return the Capital.

While the final dividend can still be swallowed, the 2-years to return Capital is just too long and hence, the grouse cos there is also no additional interest during this 2-years.

Just by depositing an equivalent of RM215 mln (or there abouts) and getting just 3.5% for 2-years, the lost compounded interest is RM15.30. million.

But the risk in CHGS defaulting on the Trustee taking over is not all that bad, provided they appoint a Good Manager to manage the Estate. But what sort of Mandate will be given.

Honestly, any company that guarantees 12% return year-on-year is just asking for trouble. Not even Warren Buffet will give such a guarantee.

So, the new Mandate to the Estate Manager is that 100% of profits should be given back to investors. Profits means Revenue less All Associated Cost including Replanting Reserves.

But this will mean that the return will be substantially less than 12%, if you are lucky it will be about 6%. Why do I say that.

Cos if it can give 12%, you can bet that the Govt proxies, such as FELDA, EPF will be lining up to take over this company.

So, its up to the Investors. What do you guys want?

1) Take LKY Offer

2) Take MSWG Offer - which is to take the 12% dividend, 10% Capital now and Bal 90% in 6-mths. However, CHGS does not have the money and you will have to sue LKY / Bee garden. Who is going to pay for the Legal Fees

3) Let it default and Trustee appoint new Estate Manager and see how it goes. After all, 6% is still better than any FD.

As received via e-mail today from MSWG:

Dear Dato’/Datin/Sir/Madam/Dr,

Please be advised that there will be no postponement of the CHGS General Meeting scheduled for 8 February 2013.
Please convey this message to other growers so that they can make themselves available for the meeting.A copy of the news article on the forum that was held yesterday is hereby attached for your ease of reference.

Regards.
Lya Rahman
General Manager, Corporate Services
MINORITY SHAREHOLDER WATCHDOG GROUP

see how other people react and tackle issue when same situation arise...

What's the outcome of the general meeting?

The General Meeting will only be held this Friday, 8 Feb 2013. They need 75% votes, either by in-person or by proxy.

Watch out for some not clean tactics to deny certain proxy holders from attending and/or voting.

Oh ya, today is the closing date for submission of proxy forms. Mixed up already. Too kan chiong.

Guys, if you have the time to read the Circular here

http://www.chgs.com.my/download/CIRCULAR%20-%20CHGS.pdf

it makes you wonder if CHGS really knew how to properly manage a Palm Oil Plantation.

Please read this Circular so that u ask them detailed questions.

Perhaps someone can cross check to their Original Prospectus and hammer them. Start that time, all the factors save for Minimum Wage was already made known, i,e,

1) Weather is always uncertain
2) Terrain is not Flat - its not like there was an earthquake and the terrain changed overnight
3) Elephants, etc is also already known issue.

So, what changed from the Prospecus?

yesterday i have courier my proxy form to their PGCB co. sec office.
I tried to talk them to check if they have receive or not...but waited so long but nobody answer ???? 03-8941 3888
Yday I called the same number too and waited very long too..but someone pick up at last. BUt the receiptionist sound so scared

Do anyone know if there is any other tel no I can call them ?

1. Who did u appoint as your proxy
2. Did you indicate how you wanted your proxy to vote

Of course the receptionist is scared, this is a major thing for the Company and Promoters. If staff say the wrong thing, can be sacked immediately.

i appointed my bro-in law. he will be going there on this friday.
of course i did

tht's why nobody dare to pick up the phone !!

Are we going vote for or against the proposal Or for with modification?

R U SERIOUS?

LOL.

U ONLY HAVE 2 OPTIONS IN THE AGM IF IT HAPPENS > VOTE AGAINST OR VOTE FOR.

THERE'S NO SUCH 'Or for with modification?'... CHGS HAS NOT BOTHERED TO ANSWER/ENTERTAIN MSWG'S COUNTER PROPOSAL.

YOUR VOTING DECISION IS ENTIRELY YOURS - SO READ UP THE NEWS ARTICLES OR PREV FORUM POSTS TO FAMILIARISE YOURSELF WITH THE REPERCUSSIONS OF YOUR VOTE.

As Falsealias said, you either vote

1) For means you accept LKY proposal - means no 12% dividend but you get back 10% Capital immediately and balance 90% within 2-years.

2) Against means you do not accept LKY proposal. This means that CHGS must pay the 12% dividend which they claim they do not have the Cash. This will mean that CHGS has defaulted and in accordance with the T&C, the Trustee that you appointed many years ago will take over from the current Management and appoint Receivers & Managers (R&M) to run CHGS. However, as my last post, what is unclear to me is the Mandate to be give to the Trustee / R&M, to continue running the Company or to liquidate immediately.

Trustee or Grower cannot replace PGCB unless two things happened. The Trustee can only act after it decided PGCB is not doing its job or if PGCB go into liquidation/wind-up. Then Trustee can ONLY call EGM to get mandate from Growers to appoint another Management Company if PGCB windup or to wind-up CHGS or to negotiate with PGCB on revised terms. IT IS Growers who will decide then what Trustee can do with CHGS.

This route is definitely not good for PGCB who has to transfer all CHGS assets to the new MC. CHGS estates are coming into full yield in few years time. Do you think PGCB will give up this for the 2012 nett yield costing more than CHGS earnings in 2012?

This post has been edited by mkhor7: Feb 6 2013, 05:19 PM

Okay, after reading the Circular, you are right. I said that Trustee will take over cos its what LKY said. In this case, then, its may be worthwhile to Vote Against to see what happens right? Growers can then technically call for another EGM to appoint a new Management Company to better access the actual situation in CHGS instead of just relying on the current Management Company.

This post has been edited by cfa28: Feb 6 2013, 05:25 PM

appoint golden palm to take over...................

Yes, agree....

If vote for ‘FOR’, is just like what Chinese saying...Throwing a meat dumpling to hit a dog.....we can say goodbye to our meat dumpling....

If vote for ‘Against’, at east we still have opportunity to dig more into where did our money go and teh return should not be lesser that what had offered to Growers.....

Threat ??

- Land can only appreciate over years and from what u have showed, it is not true that the land cannot be charged for loan to repay Growers......afterall, Growers are aware this is a long term investment, is the matter of time...

- Just default 1 payment and trustee will replaced ?? Doubt it and anyway, we all know he can still afford, else, how dare they commit to pay growers 10% within 30 days.....